Choose system 1. It will require high end cooling, (water might be a good idea for either) but most 775 setups do.
With 1 you get a faster chip, and better ram performance, and a mobo by a top quality maker that has best quality parts, and is known for stability, and OCing.
With 2 you get, a slower chip, overpriced ram with horrible latencies, and a board that could be very good, or not so good.
The first system would be faster for both the CPU and RAM.
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Go with the 3.4 CPU. I have one running at 3.9 - 4.0 with no problems. If you are set on buying a socket 775, then plan on using liquid cooling. Mine does fine with the liquid cooling, but you have other parts like the Northbridge that get way to hot. If you can choose different RAM then consider either the Corsair XMS DDR4000 or Crucial Ballistix in DDR4000. There isnt very much difference in the cost between either one of the 2. I personally am running the Corsair in my system and it does a really good job. What do you plan on doing with this system? Any Overclocking?
PCIe will give you better future upgrade possiblities. That being said, even today's AGP cards don't use the bandwidth avail to them. Then again SLI seems very nice. :smile:
Go with whatever your budget allows
Depending on apps, the A64 system, by a little, or a lot. FYI, Intel has begun selling 64 bit chips. Not that those chips are any good, but will win64 be far behind?
Are you going for supper OC? Why the high end cooler?
For office apps, an old P3 celeron would do. In gaming, the A64s are king. That msi board gets great reviews. If you are buying a complete system it should be great. Some people have trouble setting up msi boards.
At this point, agp and PCI-exp perform the same. PCI-exp is the future, like it or not. Since it will never do anything for gaming, that couldn't be done with agp, I dont like it. It should be good for hdtv vivo, but again, I dont have a computer to watch tv.
SLI may be great. A lot depends on the popularity of the games you play, and wether they get SLI drivers. It takes 2 high end cards, so it's a little out of my league